Hi Crafty_Me! If you are planning on using the Magic Loop method for socks, I highly recommend that you check out this great tutorial made by Silver for knitting 2 socks at the same time using the Magic Loop method (it's a lot easier than it sounds, trust me!).
It's loaded with pictures and clear, step-by-step instructions. I literally just finished a pair of socks for my dad using Silver's tutorial. I had never knit a single sock in my life and had never used the Magic Loop mehtod yet I easily learned with Silver's technique and tutorial. Check it out:
My Ravelry Page
Magic Loop Socks (Two @ Same Time), Bra & Panty Set, Cable Turtleneck Sweater, Mother's Scarf & Hat set, Boyfriend Sweater, Boyfriend Scarf & Hat set.